House monthly payments?

Lets say I get a house that is about $200,000 dollars on a 15year term. How much will it cost per month? What about property tax? If I include that in the payment I don't have to worry about property tax after that right? I mean..I don't have to pay extra for property tax in the end of the year or anything. it'll be included in the monthly payment?

I live in Aurora, IL.

So what if I was put on a 30year term. how much would it cost then?

2 Answers

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  • Judy
    Lv 7
    1 decade ago
    Favorite Answer

    At 7% interest, a $200K mortgage would have principal and interest payments of $1330.60 for a 30 year mortgage, or $1797.66 for a 15 year mortgage.

    Taxes and insurance are normally paid into an escrow account with your payment, and if it's estimated correctly, would cover the payments. Those can vary a lot depending on where you are, but might be somewhere in the range of another $500 per month.

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  • 4 years ago

    I made an extra payment of just a $100 on my home and paid off a 20 year mortgage in 14 1/2 years

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